It said it was working with manufacturers including HTC, Motorola and Samsung, chip makers Broadcom, Imagination, Intel, Mediatek and Qualcomm and fashion labels including the Fossil Group to create a range of watches available to buy later this year.

LG said the LG G Watch will be compatible with a wide range of Android smartphones, and is expected to be released in the summer.

Dr. Jong-seok Park, president and CEO of LG Electronics, said: “The opportunity to work with Google on LG G Watch was the perfect chance for LG to really pull out all stops in both design and engineering.

“With the LG G Watch, LG is continuing the milestones we’ve set in wearables following in the footsteps of the world’s first 3G Touch Watch Phone in 2009 and the Prada Link in 2008. We’re confident that a well-designed device has the potential to take the smart wearable market by storm.”

The LG G Watch powered by Android Wear will present a low barrier to entry for developers and offer the best Google experience for users. The smartwatch will be LG’s fourth device developed in close collaboration with Google following the Nexus 4, Nexus 5, and the LG G Pad 8.3 Google Play Edition.

Additional details of the LG G Watch powered by Android Wear, including hardware specifications, will be announced in the coming months.